“We leave our $0.65 per share target price unchanged, set broadly in line with our $0.63 per share valuation. With 45 per cent upside potnetial we retain our outperform rating while noting the stock is a higher risk investment . . . the next major catalyst for the stock is the outcome of the Escarpment resource consent appeals hearing. We expect the judge’s decision to be reached around February/March 2013."

The appeals hearing for Bathurst’s 0.5-1 million tonnes per annum Escarpment mine project commenced on October 29.

Credit Suisse is forecasting net profit of $2.9 million in 2013, $18.7 million in 2014 and $32.3 million in 2015. Bathurst Resources posted a net loss of $21.5 million in 2012.